The top priorities for cyber security innovation are identity management, patch management and configuration management.
“These are basic components of cyber security, but failure to do them well is still responsible for the bulk of cyber attacks that we are seeing.”said the new LORCA CEO Hannigan
Identity is one area where the UK is particularly strong, with some great companies focused on it, he said, particularly in the academic “pre-company” sector, where universities are doing some “really innovative things” around identity management and authentication.
“Identity is key to cyber security, and if we can get a product out there that beats others, the sky is the limit, especially for the export market, and it will be about who gets there first with a viable solution,” he said.
Hannigan believes the internet of things (IoT) and cloud computing are two more areas where cyber security entrepreneurs should be focusing their efforts.
He said cloud computing is “problematic” because it makes it harder for companies to understand what the perimeters of their networks are.
“Even for those companies that have worked out what their cyber security policy is and managed the risks, suddenly to do all their processing and storage in the cloud complicates that,” said Hannigan. “It is not terminal, but it means they need to rethink their risks and mitigations.”
He advised organisations to look at the guidance on security in the cloud from the National Cyber Security Centre (NCSC).
IoT is ripe for innovation
The IoT is “ripe for innovation”, said Hannigan, because it is unlikely that regulation or government guidelines will address the immediate risks.
“It is going to be a long time before security by default is achieved, so in the meantime we need to find ways to mitigate potential disasters, with billions of devices connecting to the internet,” he said.
In terms of going to market, Hannigan advises cyber security entrepreneurs to spend some time considering things from the customer’s perspective.
“In the UK, companies are more likely to be conservative in their cyber security investments and stick with well-established suppliers than countries like the US and Israel, so startups need to take that into consideration,” he said.
Hannigan believes Lorca has a role to play here in helping startups to think through how their technology will integrate with existing IT environments, making it as easy as possible with minimal disruption.
Time and skills required by businesses
Although businesses do not necessarily need to spend a fortune on cyber security, it does require some time and sometimes skills that may be lacking in-house, said Hannigan.
“I do have sympathy for small businesses, but many are doing more than they used to in the past and are using things like Cyber Essentials and the small business guide because they are seeing how cyber attacks are affecting companies or because their insurance companies have told them to,” he said.
Hannigan believes there is a need for effective managed security services for small and medium-sized businesses. “A regular complaint I get is that managed security services suppliers are not really appropriate for small businesses and aren’t necessarily that effective, so there is a challenge there to the industry to come up with managed security services that really work and that don’t just dump the problem back onto the client, but actually do something about it,” he said.